WTI Oil Falls as China Export Drop Signals Slower Growth

Bloomberg – West Texas Intermediate and Brent crudes fell for the first time in three days after exports from China unexpectedly shrank, stoking speculation the world’s second-largest oil consumer may miss economic growth targets.

Futures lost as much as 1.5 percent in New York. China’s overseas shipments declined by 18.1 percent in February from a year earlier, the biggest drop since August 2009, the General Administration of Customs reported on March 8. A median 7.5 percent increase was projected in a Bloomberg News survey of 45 economists. WTI rose 1 percent on March 7, the most in four days, as hedge funds increased bullish bets.